An example of a monopoly in the United States economy, past or present. Construct a brief explanation of the monopoly and its impact on the market. Your response should be about three hundred words. Use primary and secondary sources, and cite them.

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Business

Aiyana

29 March, 10:43

An example of a monopoly in the United States economy, past or present. Construct a brief explanation of the monopoly and its impact on the market. Your response should be about three hundred words. Use primary and secondary sources, and cite them.

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Aidan Huang · Answer 1

Past monopolies:

Standard Oil - incorporated under Standard Oil Trust which handled all oil production, transportation, refinement, and marketing. Holds 91% of oil production and 85% of its final sales in the United States Market in the early 1900s.

The company was sued for engaging in " "discriminatory practices in favor of the combination by railroad companies; restraint and monopolization by control of pipe lines, and unfair practices against competing pipe lines." which led to its downfall.